PART VI.Ā REGULATION

 

Ā§432:2-601Ā  Valuations.Ā  (a)Ā  Standardsof valuation for certificates issued prior to one year after July 1, 1988,shall be those provided by the laws applicable immediately prior to July 1,1988.

(b)Ā  The minimum standards of valuation forcertificates issued on or after one year from July 1, 1988, shall be based onthe following tables:

(1)Ā  For certificates of life insurance theCommissioner's 1941 Standard Ordinary Mortality Table, the Commissioner's 1941Standard Industrial Mortality Table, the Commissioner's 1958 Standard OrdinaryMortality Table, the Commissioner's 1980 Standard Ordinary Mortality Table orany more recent table made applicable to life insurers.

(2)Ā  For annuity and pure endowment certificates, fortotal and permanent disability benefits, for accidental death benefits and fornoncancellable accident and health benefits, such tables as are authorized foruse by life insurers in this State.

All of the above shall be under valuation methodsand standards (including interest assumptions) in accordance with the laws ofthis State applicable to life insurers issuing policies containing likebenefits.

(c)Ā  The commissioner may, in thecommissioner's discretion, accept other standards for valuation if thecommissioner finds that the reserves produced thereby will not be less in theaggregate than reserves computed in accordance with the minimum valuationstandard herein prescribed.Ā  The commissioner may, in the commissioner'sdiscretion, vary the standards of mortality applicable to all benefit contractson substandard lives or other extra hazardous lives by a society authorized todo business in this State.

(d)Ā  Any society, with the consent of thecommissioner of insurance of the state of domicile of the society and undersuch conditions, if any, which the commissioner may impose, may establish andmaintain reserves on its certificates in excess of the reserves requiredthereunder, but the contractual rights of any benefit member shall not beaffected thereby. [L 1987, c 347, pt of Ā§2]

 

Revision Note

 

Ā  "July 1, 1988" substituted for "the effectivedate of this article".